Interest rates on the rise for US homeowners

Thailand News.Net
Wednesday 17th September, 2008

Interest rates in the US are rising again on investor fears about the eroding conditions in financial markets.

Last week, homeowners took advantage of interest rate cuts following the government’s takeover of Fannie Mae and Freddie Mac.

But, the average rate on a 30-year, fixed rate mortgage is now 6.14 percent, up from 6.02 percent last week.

Last week, applications by homeowners looking to refinance their mortgages spiked 88 percent.

Refinances accounted for nearly 52 percent of all application activity.

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